Brenmiller Energy Ltd. ("Brenmiller", "Brenmiller Energy”) (Nasdaq: BNRG), a clean energy company that provides Thermal Energy Storage (“TES”) systems to global industrial and utility markets, today announced a reverse share split of its issued and outstanding ordinary shares at a ratio of 1-for-10 is expected to be implemented after market close on December 1, 2023. The Company's ordinary shares will begin trading on the Nasdaq Capital Market on a post-split basis at the market open on December 4, 2023 under the Company's existing trading symbol "BNRG".
The reverse share split was approved by the Company’s shareholders at the Company's Special General Meeting of Shareholders held on November 13, 2023 (the “Meeting”).
The Meeting also approved an increase of the Company’s share capital by 100,000,000 Ordinary Shares and the cancellation of the par value of the Company’s ordinary shares (the “Increase of Authorized Share Capital”). After giving effect to the Increase of Authorized Share Capital, the authorized share capital of the Company will be divided into 150,000,000 Ordinary Shares, no par value per share. The authorized share capital of the Company will be 15,000,000 Ordinary Shares following consummation of the reverse split. These changes have been reflected in the Company’s amended articles of association (the “Articles”) as approved by the Board of Directors and by the shareholders in the Meeting.
No fractional shares will be issued as a result of the reverse split. In accordance with the Company’s Articles all fractional shares will be rounded to the nearest whole Ordinary Share, such that only shareholders holding fractional consolidated shares of more than half of the number of shares which consolidation constitutes one whole share, shall be entitled to receive one consolidated share.
